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tures Bureau. India: J.P. Morgan India Private Limited, having its registered office at 1.P. Morgan Tower. Off. C.S.T. Road, Kalina, Santaeruz East. Mumbai - 400098, is a member of the National Stock Exchange of India Limited (SERI Registration Number - INB 230675231/INF 230675231/INE 230675231) and Bom
30675231/INF 230675231/INE 230675231) and Bombay Stock Exchange Limited (SEBI Registration Number - INB 010675237/INF 010675237) and is regulated by Securities and Exchange Board of India. For non local research reports. this material is not distributed in India by I.P. Morgan India Private Limited. Thailand: This material is issued a
s and Futures Bureau. India: Morgan India Private Limited. having its registered office at a Morgan Tower. Off. C.S.T. Road, Kalina. Santacmz East, Mumbai - 400098, is a member of the National Stock Exchange of India Limited (SEBI Registration Number - INB 230675231/NE 230675231/NE 230675231) and Bomba
230675231/NE 230675231/NE 230675231) and Bombay Stock Exchange Limited (SEBI Registration Number - INB 010675237!INF 010675237) and is regulated by Securities and Exchange Board of India. For non local research reports. this material is not distributed in India by E. Morgan India Private Limited. Thailand: This material is issued and
d Futures Bureau. India: E. Morgan India Private Limited, having its registered office at E. Morgan Tower, Oft C.S.T. Road, Kahn's, Santacruz East. Mumbai - 400098. is a member of the National Stock Exchange of India Limited (SERI Registration Number - INB 23067523 inNF 23067523 HINE 230675231) and Bom
3067523 inNF 23067523 HINE 230675231) and Bombay Stock Exchange Limited (SEBI Registration Number - INB 010675237/INF 010675237) and is regulated by Securities and Exchange Board of India. Thailand: JPMorgan Securities (Thailand) Limited is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the
and Futures Bureau. India: M. Morgan India Private Limited, having its registered office at M. Morgan Tower. OM C.S.T. Road, Kalina, Santacruz East. Mumbai - 400098. is a member of the National Stock Exchange of India Limited (SEBI Registration Number - INB 230675231/INF 230675231/INE 230675231) and Bom
30675231/INF 230675231/INE 230675231) and Bombay Stock Exchange Limited (SEBI Registration Number - INB 010675237/INF 010675237) and is regulated by Securities and Exchange Board of India. Thailand: JPMorgan Securities (Thailand) Limited is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the
utures Bureau. India: J.P. Morgan India Private Limited. having its registered office at J.P. Morgan Tower, Ott C.S.T. Road. Kalina, Santacruz East, Mumbai - 400098, is a member of the National Stock Exchange of India Limited (SEBI Registration Number - INB 23067523I/INF 23067523 LANE 23067523)) and Bom
3067523I/INF 23067523 LANE 23067523)) and Bombay Stock Exchange Limited (SEBI Registration Number - INB 010675237/INF 010675237) and is regulated by Securities and Exchange Board of India. For non local research reports. this material is not distributed in India by J.P. Morgan India Private Limited. Thailand: This material is issued a
utures Bureau. India: l.P. Morgan India Private Limited, having its registered office at J.P. Morgan Tower, Off C.S.T. Road, )(slim. Santacruz East, Mumbai -400098, is a member of the National Stock Exchange of India Limited (SEBI Registration Number - INB 230675231,'INF 23067523 I/ME 230675231) and Bom
0675231,'INF 23067523 I/ME 230675231) and Bombay Stock Exchange Limited (SEBI Registration Number - INB 010675237/INF 010675237) and is regulated by Securities and Exchange Board of India. For non local research reports. this material is not distributed in India by J.P. Morgan India Private Limited. Thailand: This material is issued a
d Futures Bureau. India: J.P. Morgan India Private Limited, having its registered office at J.P. Morgan Tower, Off C.S.T. Road. Kal Santacruz East. Mumbai -400098. is a member of the National Stock Exchange of India Limited (SEBI Registration Number - INB 230675231/1NF 230675231/IN E 230675231) and Bom
0675231/1NF 230675231/IN E 230675231) and Bombay Stock Exchange Limited (SEBI Registration Number - INB 010675237/INF 010675237) and is regulated by Securities and Exchange Board of India. For non local research reports, this material is not distributed in India by J.P. Morgan India Private Limited. Thailand: This material is issued a
tures Bureau. India: J.P. Morgan India Private Limited, having its registered office at J.P. Morgan Tower, Off. C.S.T. Road, Kalina, Santacruz East, Mumbai - 400098. Is a member of the National Stock Exchange of India Limited (SEED Registration Number - INB 23067523 I /INF 230675231/INE 230675231) and B
67523 I /INF 230675231/INE 230675231) and Bombay Stock Exchange Limited (SEBI Registration Number - INB 010675237/INF 010675237) and is regulated by Securities and Exchange Board of India. Thailand: JPMorgan Securities (Thailand) Limited is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the
(Corporate Identity Number - U67120MH1992FTC'068724). having its registered office at 5 Morgan Tower, Off. C.S.T. Road. Kalina. Santacruz - East. Mumbai - 400098, is a member of the National Stock Exchange of India Limited (SEBI Registration Number - INB 230675231/INF 230675231/INE 230675231) and Bom
30675231/INF 230675231/INE 230675231) and Bombay Stock Exchange Limited (SERI Registration Number -INB 010675237/INF 010675237) and is regulated by Securities and Exchange Board of India. Telephone: 91-22-6157 3000, Facsimile: 91-22-6157 3990 and Website: For non local research reports, this material is not distributed in India by
utures Bureau. India: J.P. Morgan India Private Limited. having its registered office at J.P. Morgan Tower. Oft C.S.T. Road, Kalina, Santacruz East, Mumbai -400098, is a member of the National Stock Exchange of India Limited (SEBI Registration Number - INB 23067523I/INF 23067523 LANE 230675231) and Bomb
3067523I/INF 23067523 LANE 230675231) and Bombay Stock Exchange Limited (SEBI Registration Number - INB 010675237/INF 010675237) and is regulated by Securities and Exchange Board of India. For non local research reports. this material is not distributed in India by J.P. Morgan India Private Limited. Thailand: This material is issued a
Entities connected to both Mumbai and Securities and Exchange Board of India

Philippines
LOCATION
New Zealand
LOCATION
United States
LOCATION
JPMorgan Chase
ORGANIZATION
Malaysia
LOCATIONBombay Stock Exchange Limited
ORGANIZATIONthe Taiwan Securities and Futures Bureau
ORGANIZATIONthe Mexican Stock Exchange
ORGANIZATIONthe Central Bank of Brazil
ORGANIZATION
the Ministry of Finance
ORGANIZATIONthe Philippine Stock Exchange
ORGANIZATION
Frankfurt
LOCATIONthe Stock Exchange of Thailand
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATIONthe Indonesia Stock Exchange
ORGANIZATIONEngland & Wales
LOCATIONKanto Local Finance Bureau
ORGANIZATION
Bloomberg L.P.
ORGANIZATIONThe Financial Futures Association of Japan
ORGANIZATIONthe Hong Kong
LOCATION